PNI +3.76%: Hit an all-time-high of $27.11 today after announcing strong 1H results after-market yesterday which led analysts at UBS, Barrenjoy and Macquarie to increase their price target on the stock to $25.20, $26.90 and $27.37 respectively based on:
- Net profit after tax of $75.7m, up 151% vs pcp 1H24
- Combined affiliate funds under management of $155.4bn, up 41% since 30 June
- Interim dividend of 33 cents per share, almost double the 15.6c paid in 1H24
- Net inflows of $6.7bn through the half
The double-edged nature of funds management is working in favour of Pinnacle at the moment as it benefits from rising asset values and strong inflows – when times are good, times are really good, but it works both ways as we’ve seen in the past with the likes of Platinum and Magellan. For now, let the good times roll, as markets and asset prices continue to rise, shareholders can expect healthy dividends, as well as further M and A activity as the business continues to expand its funds management umbrella globally.
MM is bullish PNI
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